Daily Forecast - 03 February 2014
WTI Crude March contract
WTI Crude headed lower as expected to the 2 week trend line & short term Fibonacci support at 9690/85. This held the downside perfectly this morning as predicted. We could see a short term recovery now back up to 9730/40 & possibly 9780. We should struggle with a high for the day likely. However if we continue higher look for a selling opportunity at 100 day moving average at 9810/20.
Immediate support is 9690/80 & could hold the downside today but a break lower would target 9635/30 & perhaps as far as good support at 9580.
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